While 10-year CDs aren't as common as many others, there are still a number of good options to consider right now.
Between high-yield savings accounts and certificates of deposit , savers have many solid account options to choose from right now. Part of that is due to the recent Federal Reserve rate hikes, which have led the rates on deposit accounts to be a lot higher than they were just a few years ago. And, that opens up a range of good choices for those who want to earn big returns on their savings.For example, it's easy to find a high-yield savings account with a rate of 5% or more currently.
Benefits of choosing a 10-year CDWhile 10-year CDs aren't as common as some of other CD options, there are still a few unique benefits to choosing a CD with such a long term. These include:Locking in a higher rateThe primary advantage of opting for a 10-year CD — especially during periods of above-average interest rates, like the one we're experiencing now — is the ability to lock in those higher rates for an extended period.
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